Paramount Global reported a decline in revenues for the third quarter and the first nine months of 2024, with total revenues of $6,731 million for the three months ended September 30, 2024, down 6% from $7,133 million in the same period of 2023. For the nine months, revenues decreased by 4% to $21,229 million from $22,014 million year-over-year. The decrease was attributed to lower revenue from licensing, theatrical releases, and linear networks, although growth in streaming services, particularly Paramount+, partially offset these declines.

The company experienced a significant improvement in profitability metrics compared to the previous fiscal period. Operating income for Q3 2024 was $337 million, a stark recovery from an operating loss of $(5,398) million in Q3 2023. Net earnings from continuing operations for the third quarter were $16 million, compared to a net loss of $(5,941) million in the same period last year. However, net earnings attributable to Paramount were minimal at $1 million, compared to a net loss of $(5,966) million in Q3 2023.

For the nine months ended September 30, 2024, Paramount reported a net loss from continuing operations of $(5,980) million, a significant increase from a loss of $(1,288) million in the same period of 2023. This loss included impairment charges of $6.1 billion, primarily related to goodwill and FCC licenses, which heavily impacted overall financial performance.

Strategically, Paramount is undergoing significant changes, including a transaction agreement with Skydance Media, LLC, announced on July 7, 2024. This agreement will lead to the formation of a new holding company, New Paramount, with an investment of up to $6 billion from NAI Equity Investors. The transaction is expected to close in the first half of 2025, subject to regulatory approvals. Additionally, the company has made leadership changes, establishing an Office of the Chief Executive Officer with three co-CEOs following the departure of Robert M. Bakish.

Restructuring efforts have also been notable, with restructuring charges totaling $288 million in Q3 2024 and $513 million for the nine months. The company has focused on reducing costs, with total operating expenses for the nine months down to $13,745 million from $14,872 million in the prior year.

As of September 30, 2024, Paramount's total assets decreased to $46,250 million from $53,543 million at the end of 2023, while total stockholders' equity fell to $17,075 million from $23,050 million. The company reported cash and cash equivalents of $2,443 million, reflecting a slight decrease from $2,460 million at the beginning of the year.